TUCSON, ARIZONA – Art and Clint Wadlund of Berkadia Tucson successfully negotiated three separate transactions recently the sale of Encantada Riverside Crossing and Casas Lindas for HSL Properties of Tucson, sold for an aggregate of $125 million ($279,000 per unit); Tierra Ridge Apartments was sold for Element Property Company of Los Angeles, and sold for $25 million ($108,000 per unit).
All are class-A communities that sold with strong occupancy.
Encantada at River Crossing Apartments at 1925 West River Road in Tucson was built in 2011 by HSL Properties with 304 units and a unit mix of one- two- and three-bedroom units in fourteen two-story buildings. Amenities include a clubhouse, storage building, barbecues, cabanas, dog park, playground, pool and spa.
The buyer was an affiliate of Cortland Partners of Atlanta, GA that also purchased Casas Lindas Apartments at 699 West Magee Road in Tucson. Both are northwest submarket communities.
Casas Lindas Apartments was built in 1987 and consists of 22 two-story buildings with 144 one- and two-bedroom apartment homes and town houses. Amenities include private entrances, vaulted ceilings, wood burning fireplaces, private balconies and lofts. Clubhouse, basketball court, pool, spa, fitness center, picnic area and is pet friendly are some of the amenities.
The third community, Tierra Ridge Apartments at 3350 West Valencia and 6420 S Camino De La Tierra in Tucson west submarket, was sold to Salt Lake City investors in a 1031 exchange. It was built in 1991 with 232-units in eleven two-story building and a one- and two-bedroom unit mix. Amenities include pool, spa, clubhouse, fitness center and laundry facilities.
“We are excited to have had the opportunity to market and sell these properties for HSL Properties and Element Property Company,” said Clint Wadlund. “We have been focused on selling multifamily communities for many years and Tucson is one of the strongest multifamily markets in the country right now. The Tucson multifamily market recorded healthy performance during the second quarter with a rapid pace of absorption putting significant upward pressure on rents.”
For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund should be contacted at 520.615.1100.
To learn more, see RED Comps #9087, #9111 and #9156.
PHOTO: Casas Lindas Apartments